Reliance Industries Ltd is eyeing more acquisitions in the petrochem sector to emerge as a global hydrocarbon major and help the country secure its energy needs.
"RIL will continue to evaluate opportunities for acquisition in petrochem sector," RIL Chairman Mukesh Ambani told shareholders at the annual general meeting in Mumbai.
RIL, which ranks 183 among global companies in terms of profits, has grown through acquisitions of companies like IPCL and Nocil, he said.
Justifying the acquisition of IPCL, he said the erstwhile PSU had increased its profits seven-fold at Rs 786 crore (Rs 7.86 billion) after a 'single-minded focus' on optimum use of capital and labour.
With global scale refinery facility and gas findings, Ambani said RIL intends to become a 'global hydrocarbon major' while meeting India's energy security needs.
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